02/19/2021

Report for the fourth quarter 2020 and preliminary year-end accounts

Financial and operating highlights 4Q20 (4Q19 in brackets):

  • Operating revenues were NOK 1 574 million (NOK 1 893 million)
  • EBITDA was NOK 206 million (NOK 188 million)
  • EBIT was NOK -146 million (NOK -289 million)
  • Net result after tax was NOK -289 million (NOK -162 million)

Post quarter event:

  • Dividend proposal of NOK 4.00 per share, for the Company NOK 170 million
  • Equity in the parent company post dividend NOK 7 007 million (NOK 7 506)

Segment highlights 4Q20 (4Q19 in brackets):

Renewable Energy

  • EBITDA NOK 247 mill. (NOK 276 mill.)
  • Improved power prices in UK, but still low prices in Scandinavia in Q4
  • Högaliden project estimated completion by end of July 2021
  • Continued progress on Codling Wind Park offshore projects
  • JV partnership with Hafslund ECO for Norwegian offshore wind and transmission concepts
  • Established projects for floating offshore solar

Wind Service

  • EBITDA NOK 102 mill. (NOK -73 mill.)
  • Brave Tern on contract in Taiwan
  • Solid execution on blade repair for Bold Tern
  • Low utilization on Blue Tern
  • Established fleet upgrade and growth program in FOWIC
  • Strong performance in GWS
  • UWL took delivery of the second newbuild and acquired VestVind 1

Cruise

  • EBITDA NOK -113 mill. (NOK 23 mill.)
  • Borealis and Bolette acquired in Q3 with delivery in Q4
  • Estimated lay-up costs and overhead costs going forward GBP 3.0 mill. per month
  • Solid demand for cruises for second half of 2021 and 2022

Other Investments

  • NHST continued development of new digital products and services
  • Improved digital subscriptions in the quarter
  • Cost reductions in line with plans

Financial information

The unaudited Group accounts for 4Q20 comprise Bonheur ASA (the “Company”) and its subsidiaries (together the “Group of companies”) and the Group of companies’ ownerships in associates.

The main business segments of the Group of companies are Renewable Energy, Wind Service, Cruise and Other investments.

The Group of companies’ operating revenues in the quarter amounted to NOK 1 574 million (NOK 1 893 million). Renewable Energy had operating revenues of NOK 415 million (NOK 448 million), Wind Service    NOK 866 million (NOK 624 million), Cruise NOK 19 million (NOK 529 million). Other investments had operating revenues of NOK 275 million (NOK 292 million), of which NHST Media Group comprised of NOK 281 million (NOK 318 million).

EBITDA in the quarter was NOK 206 million (NOK 188 million). Renewable Energy achieved EBITDA of       NOK 247 million (NOK 276 million), Wind Service NOK 102 million (NOK -73 million), Cruise NOK -113 million (NOK 23 million). Within Other investments EBITDA was NOK -29 million (NOK -37 million), of which NHST contributed with NOK 27 million (NOK 11 million).

Depreciation in the quarter was NOK -256 million (NOK -252 million), and impairment in the quarter was        NOK -97 million (NOK -225 million).

EBIT in the quarter was NOK -146 million (NOK -289 million).

Net financial items in the quarter were NOK -115 million (NOK 106 million). Net interest expenses were          NOK -98 million (NOK -87 million). Other financial items amounted to NOK -20 million (NOK -16 million). In addition, there were net unrealized financial gain of NOK 3 million (NOK 209 million) in the quarter, which consist mainly of unrealized net loss on foreign currency of NOK -77 million (NOK 37 million), unrealized hedging effects of NOK 49 million (NOK 114 million) and unrealized gain on investments of NOK 31 million (NOK 57 million).

Net Result in the quarter was NOK -289 million (NOK -162 million) of which NOK -342 million (NOK -219 million) is attributable to the shareholders of the parent company. The non-controlling interests’ share of the net result in the quarter was NOK 54 million (NOK 57 million).

For the year, revenues were NOK 6 175 million (NOK 7 836 million) while EBITDA was NOK 544 million (NOK 1 475 million). Operating result (EBIT) was NOK -882 million (NOK 270 million).

Net financial items were NOK -239 million (NOK -543 million).

Net result for the year was NOK -1 202 million (NOK -343 million), of which NOK -1 199 million (NOK -389 million) are attributable to the shareholders of the parent company. The non-controlling interests´ share of net result was NOK -3 million (NOK 46 million).

Annual General meeting / Dividend

With regard to the Annual General Meeting 2020 the board will, subject to no diverging position taken by the Shareholders’ Committee, propose a dividend of NOK 4.00 per share. For the company NOK 170 million.

The annual general meeting is scheduled for Thursday 27 May 2021.